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Question - The Potato Company produces frozen french fries and therefore uses potatoes as the major raw material in its manufacturing process. Potato enters a forward exchange contract to purchase 20 bushels of potatoes in 30 days for $1,200. The contract has a net settlement provision. Assume that potatoes are not easily convertible into cash and that Potato has a history of taking delivery of the potatoes under these types of contract (gross settlement). Potato has decided not to document the instrument as a normal purchase and sales contract. Prepare the journal entries required under both US GAAP and IFRS separately, with detailed explanations of the basis for each dollar journal entry amount, and a detailed journal entry explanation with appropriate references to the accounting literature for both standard-setters for each respective journal entry.
H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin.
On 1-1-2016, Gadasky Corporation initiated a funded, noncontributory, defined benefit pension plan and gave employees credit for prior employment.
Discuss about FASB and the New Leasing Standard.describe any questions you might have about this assignment. If you do not have any questions
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2014.
the smiley corporation has determined that the balance in its prepaid insurance account at the end is 400. prepaid
Preparation of Cash flow statement and computing net cash flow, From the following selected data, compute:
During the year, the company had credit sales of $256,700. Determine the Accounts Receivable (net) amount as of December 31, 2015. Show your work
The mortgage interest is only on her home because the horse farm improvements are not mortgaged. a. What are Samantha's tax consequences if the miniature horse activity is a hobby? b. If it is a business?
a teller at a savings and loan drive-through accepted a cash payment from customer 1 for an auto loan. the teller
Common stock, par $8, authorized 100,000 shares, issued 30,000 shares $240,000, Prepare the stockholders' equity section of the balance sheet as of December
What are the major types of transactions in the Purchasing Cycle? Discuss one control activity in each type of transaction.
Flounder Excavating Inc. is purchasing a bulldozer. How much total interest will Flounder pay on this payment plan
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